Helen Child Blog

Payment Options for Small Businesses

As a small business in the past you may have struggled to find a range of payment options that would suit you and your customers. However, in the digital age there are now a whole host as payment service providers that allow you to send and receive payments. Now more than ever there are providers that offer more than just a service that accepts card payments for a small fee or upfront cost. Each company offers something completely different and with its own unique benefits. So when deciding which payment service you want to use as part of your business you need to consider what exactly you need from them to choose a service that suits your needs.

PayPal is an industry standard when it comes to digital payments but it is also one of the most commonly used and trusted providers for both merchants and customers. PayPal checkout buttons are very easy to install on any website and are a quick way to allow customers to purchase items. It is also a service that allow you to send and receive payments as well as using them to hold money in case of disputes.

The second most used provider is Square who are currently PayPal‚Äôs main competitor. They offer competitive rates which rival industry leaders so this is something to consider when looking for who you wish to use. With Square you are able to get your own free online store where you are able to list and sell items/services. Like PayPal you are also able to send and receive payments through invoices.

Stripe is another provider that works slightly different to other payment services in that it does not redirect away from your website as part of the payment process. With Stripe they think it is an important part of the design that the customer stays on your website. They achieve this by having their payment coding embedded into your website so that it is quick and easy for you to start accepting payments.

Amazon Checkout is another big rival as it uses the data they already have from your own Amazon account. With Amazon they give you the choice to add a button to your website so that when customers make a payment they will be redirected to their website where they are able to facilitate a transaction into your account. Again, like other previously mentioned providers Amazon has competitive rates which are worth looking into before deciding.

Whilst the previously mentioned companies are all ideal for businesses of all sizes, if you have a smaller business you may want to consider options move tailored to this. One of the well-known payment service providers for small businesses is Pay Stand who is part of a new generation of providers that promises its users no transaction fees. Alternatively they allow a set monthly fee to be paid so that you are not constantly out of pocket from transactions. Similar to Stripe they don‚Äôt want to redirect customers from your website so instead have a pop up box for customers to make transactions with. They also accepts a lot more forms of payments than other providers such as e-cash/e-checks and Bitcoins.